Abu Dhabi’s Mubadala hits Dh119b in funds deployed in 2024 – and that includes in AI too

Dubai: The Abu Dhabi investment firm Mubadala deployed a staggering Dh119 billion in new capital across 2024, which is a 33% increase on the year earlier. This puts the overall assets under management to Dh1.2 trillion, a gain of 9.1%.

Mubadala has in recent years been spreading its wings afros geographies and sectors, including, of course, placing a lot of recent focus on AI possibilities.

A growing number of best-in-class investors also continued to partner with Mubadala – reflecting confidence in our approach and long-term strategy,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala.

“We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.”

A lot of that new capital deployment continues to be in the UAE. These include:

The formation of MGX, alongside G42, marked a milestone for the ‘UAE’s emergence as a global leader in AI and advanced technologies’.

The creation of Space42, the MENA region’s largest publicly listed space technology company. It was done through merging publicly-listed Yahsat and Bayanat.

Emirates Global Aluminium (EGA) expanded its global aluminum recycling capacity to 140,000 tonnes, with another 225,000 tonnes under construction. This was done through the acquisition of 80% of US-based Spectro Alloys Corporation; the acquisition of Leichtmetall in Europe and the ongoing development of the UAE’s largest recycling plant.

Mubadala and Aldar extended their ‘long-standing strategic partnership’ by developing and managing joint ventures in prime residential, commercial, retail and logistics assets with a combined value of more than Dh30 billion ($8.2 billion).